The Government’s economic plan has helped Australia weather the biggest economic shock since the Great Depression, outperforming the performance of all major advanced economies.
This Budget marks the next stage in leading Australia's strong economy into the future.
The Government will reduce fuel excise by 50 per cent for 6 months. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents per litre.
From 1 July this year, over 10 million individuals will receive a one-off $420 cost-of-living tax offset. Combined with the low- and middle-income tax offset (LMITO), eligible earners will receive up to $1,500 for a single income household, or up to $3,000 for a dual income household.
The Government is providing a one-off, income tax-exempt payment of $250. It will be paid automatically to all eligible pensioners, welfare recipients, veterans and eligible concession card holders in April 2022.
The Government is supporting more Australians into the housing market through the Home Guarantee Scheme and the First Home Super Saver Scheme.
Around 2.4 million Australians will benefit from reducing the concessional and general PBS Safety Net thresholds. From 1 July 2022, the Government is again reducing the PBS Safety Net thresholds, from $1,542.10 to $1,457.10 for general patients and from $326.40 to $244.80 for concessional patients.
The Government is continuing to invest in Australian apprenticeships to ensure businesses have the skilled workforce they need. A further $2.8 billion will support Australian apprenticeships, building on the $13.3 billion spent on apprenticeships and traineeships since 2013.
More than $21 billion in tax cuts will be delivered to small businesses from 2015-16 to 2024-25, with around $2.6 billion flowing in 2022-23. This includes reducing the company tax rate for small businesses from 30 per cent in 2013-14 to 25 per cent from 1 July 2021 — the lowest level in 50 years.
More than $2 billion invested in a Regional Accelerator Program will create jobs across regional Australia including in the modern manufacturing, critical minerals and agriculture sectors.
The Government will invest an additional $7.1 billion in transformational infrastructure to help Australia push into new frontiers of production and growth. Four regions have been identified to harness export growth opportunities – the Northern Territory, North and Central Queensland, the Pilbara (WA) and the Hunter (NSW).
The Government is enhancing drought resilience to support prosperous regions. The supply and reliability of water for regions and farming communities has been enhanced through a National Water Grid Fund to develop the next generation of critical water infrastructure projects.
The Government's $120 billion 10‑year infrastructure investment pipeline is investing in projects across Australia.
More than 2,800 new or amended PBS listings have been approved since 2013. A further $2.4 billion is being provided to support access to cost-effective PBS medicines, including treatments for cystic fibrosis, Spinal Muscular Atrophy and bowel cancer.
The 2022-23 Women's Budget Statement invests a further $2.1 billion in initiatives to improve the lives of women and children. The Government is providing further choice and flexibility so families can better manage work and child care. It is supporting more women into work, narrowing of the gender pay gap, supporting entrepreneurship and development of leadership skills.
The 2020 Cyber Security Strategy set out a $1.7 billion, 10-year plan for a more secure online world for Australians, their businesses and essential services. More than $2.3 billion has been invested since 2014 to strengthen defences and protect the community. Since 2014, 21 imminent terrorist attacks have been disrupted.
An additional $1 billion is being invested in marine science to build the Great Barrier Reef's resilience to climate change, remove pest species and improve the reef's water quality. This brings total Government investment in the reef to $3 billion since 2014.